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Modified first-time buyer tax credit included in stimulus Weichert Realtors The American Recovery and Reinvestment Act signed into law last week included an improved version of the first-time buyer tax credit, to replace the one that was passed last summer. For 2009, Congress has increased the credit to $8,000 and made several other enhancements.
The revised $8,000 tax credit applies to purchases of a principal residence made on or after Jan. 1, 2009, and before Dec. 1, 2009. In addition, the new version of the credit does not require repayment.
This is very positive news for first-time buyers, who can take advantage of the improved tax credit in addition to today's historically low interest rates and a large supply of homes to choose from.
Posted: February 25, 2009
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